subject: Niseko Real Estate; a Guide to Buying [print this page] Author: Michael Davenport Author: Michael Davenport
Niseko Real Estate; a Guide to Buying Niseko is a fantastic ski resort and the property market here is booming; those that have been here to ski often decide to claim their own share of the 12 metres plus "champagne" powder snow that falls each year. But how easy is it to buy real estate in Japan? What do you need to look out for? And what legal differences are there in the real estate system? The purchase procedure The buyer firstly signs a Commitment to Purchase. This assures the real estate agent that they can take the property off the market and prepare the sales documents. It takes about one week/ten days for the real estate agent to draw up the statement of important matters and the sales contract. Upon signing the contract, a deposit of 10% or 20% is paid. In Japan, the deposit is paid directly to the seller. The remaining balance is paid about one month later. The solicitor registers the transfer of title and creates the title deed and the money is transferred to the seller. The solicitor in Japan The solicitor is responsible for checking the sales documents. They prepare the necessary information, register the title transfer and create the title deed. They also check that the real estate in question is free of debt. However, the "solicitor" involved during a real estate transaction is actually a judicial scrivener. The legal responsibility of ensuring all the information regarding the property is correct lies with the real estate agent and their transaction manager. They can be held legally responsible for providing false information, intentionally or negligently. Real estate taxes Approximately 3 months after title transfer, a buyer will need to pay acquisition tax. This is 3% of the councils evaluation of the real estate in question. In Niseko area, this is payable at the Shiribeshi Government Office. From January 1st of the following year, the buyer will be eligible to pay fixed asset tax. This is 1.4% of the councils evaluation and is payable in May each year. Make sure you know the procedure when you buyNiseko property and don't forget to ask yourNiseko real estate agent lots of questions to make sure you understand your legal standing. Most importantly, however, enjoy the amazing accommodation, restaurants and the sensational powder snow!About the Author:
